Green Apple Tree Farm has a December 31 fiscal year end. The company has six notes payable outstanding on December 31, 2024, as follows: 

1. A 10-month, 5%, $50,000 note payable issued on August 1, 2024. Interest is payable monthly on the first day of each month starting on September 1. 

2. A four-month, 4%, $15,000 note payable issued on September 1, 2024. Interest and principal are payable at maturity.

3. A six-month, 4.5%, $25,000 note payable issued on November 1, 2024. Interest and principal are payable at maturity. 

4. A five-year, 3.5%, $60,000 note payable issued on March 31, 2024. Green Apple Tree Farm is required to pay $12,000 plus interest on March 31 each year starting in 2025. 

5. A six-year, 3%, $144,000 note payable issued on October 1, 2024. Green Apple Tree Farm is required to pay $2,000 plus interest on the first day of each month starting on November 1, 2024. All payments are up to date. 

6. A four-year, 5%, $40,000 note payable issued on January 31, 2023. Green Apple Tree Farm is required to pay $10,000 every January 31 starting in 2024. Interest is payable monthly on the last day of each month, starting on February 28, 2023.

Instructions 

a. Calculate the current portion of each note payable. 

b. Calculate the non-current portion of each note payable. 

c. Calculate any interest payable at December 31, 2024.  

What are the costs and benefits to the maker and the payee of the note of using a note payable in place of an account payable?